INTERNATIONAL GCSE Economics (9-1)

Transcription

1 INTERNATIONAL GCSE Ecnmics (9-1) SPECIFICATION Pearsn Edexcel Internatinal GCSE in Ecnmics (4EC1) Fr first teaching September 2017 First examinatin June 2019

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3 INTERNATIONAL GCSE Ecnmics SPECIFICATION Pearsn Edexcel Internatinal GCSE in Ecnmics (4EC1) Fr first teaching in September 2017 First examinatin June 2019

4 Edexcel, BTEC and LCCI qualificatins Edexcel, BTEC and LCCI qualificatins are awarded by Pearsn, the UK s largest awarding bdy ffering academic and vcatinal qualificatins that are glbally recgnised and benchmarked. Fr further infrmatin, please visit ur qualificatins website at qualificatins.pearsn.cm. Alternatively, yu can get in tuch with us using the details n ur cntact us page at qualificatins.pearsn.cm/cntactus Abut Pearsn Pearsn is the wrld's leading learning cmpany, with 35,000 emplyees in mre than 70 cuntries wrking t help peple f all ages t make measurable prgress in their lives thrugh learning. We put the learner at the centre f everything we d, because wherever learning flurishes, s d peple. Find ut mre abut hw we can help yu and yur learners at qualificatins.pearsn.cm Acknwledgements This specificatin has been prduced by Pearsn n the basis f cnsultatin with teachers, examiners, cnsultants and ther interested parties. Pearsn wuld like t thank all thse wh cntributed their time and expertise t the specificatin s develpment. References t third party material made in this specificatin are made in gd faith. Pearsn des nt endrse, apprve r accept respnsibility fr the cntent f materials, which may be subject t change, r any pinins expressed therein. (Material may include textbks, jurnals, magazines and ther publicatins and websites.) All infrmatin in this specificatin is crrect at time f ging t publicatin. ISBN All the material in this publicatin is cpyright Pearsn Educatin Limited 2016

5 Cntents 1 Abut this specificatin 1 Specificatin updates 1 Using this specificatin 1 Qualificatin aims and bjectives 2 Why chse Edexcel qualificatins? 3 Why chse Pearsn Edexcel Internatinal GCSE in Ecnmics? 4 Supprting yu in planning and implementing this qualificatin 5 Qualificatin at a glance 6 Paper verview 6 2 Ecnmics cntent 9 Curse structure 10 Paper 1: Micrecnmics and Business Ecnmics 11 Paper 2: Macrecnmics and the Glbal Ecnmy 23 3 Assessment infrmatin 33 Assessment requirements 33 Assessment bjectives and weightings 34 Relatinship f assessment bjectives t units 34 4 Administratin and general infrmatin 35 Entries 35 Access arrangements, reasnable adjustments, special cnsideratin and malpractice 35 Language f assessment 35 Access arrangements 36 Reasnable adjustments 36 Special cnsideratin 36 Further infrmatin 36 Malpractice 37 Candidate malpractice 37 Staff/centre malpractice 37 Awarding and reprting 37 Student recruitment and prgressin 38 Prir learning and ther requirements 38 Prgressin 38

6 Appendices 39 Appendix 1: Cdes 41 Appendix 2: Cmmand wrd taxnmy 43 Appendix 3: Quantitative skills 45 Appendix 4: Pearsn Wrld Class Qualificatin design principles 47 Appendix 5: Transferable skills 49 Appendix 6: Glssary 51

7 1 Abut this specificatin The Pearsn Edexcel Internatinal GCSE in Ecnmics is part f a suite f Internatinal GCSE qualificatins ffered by Pearsn. This qualificatin is nt accredited r regulated by any UK regulatry bdy. This specificatin includes the fllwing key features. Structure: the Pearsn Edexcel Internatinal GCSE in Ecnmics is a linear qualificatin. It cnsists f tw examinatins that must be taken in the same series at the end f the curse f study. Cntent: relevant, engaging and up t date. Assessment: tw examinatins with questins designed t differentiate students f all abilities. Apprach: independent learning, critical thinking skills, real-life examples. Specificatin updates This specificatin is Issue 1 and is valid fr the Edexcel Internatinal GCSE examinatin frm June If there are any significant changes t the specificatin, Pearsn will infrm centres. Changes will als be psted n ur website. Fr mre infrmatin please visit qualificatins.pearsn.cm Using this specificatin This specificatin has been designed t give guidance t teachers and encurage effective delivery f the qualificatin. The fllwing infrmatin will help yu get the mst ut f the cntent and guidance. Cmpulsry cntent: as a minimum, all the bullet pints in the cntent must be taught. The wrd including in the cntent specifies the detail f what must be cvered. Assessments: use a range f material and are nt limited t the examples given. Teachers shuld deliver the qualificatin using a gd range f examples t supprt the assessment f the cntent. Depth and breadth f cntent: teachers shuld use the full range f cntent and all the assessment bjectives given in Sectin 2: Ecnmics cntent. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

8 The Pearsn Edexcel Internatinal GCSE in Ecnmics is designed fr use in schls and clleges. It is part f a suite f Internatinal GCSE qualificatins ffered by Pearsn. The Pearsn Edexcel Internatinal GCSE in Ecnmics is designed as a tw-year curse. As students prgress thrugh the curse, they are intrduced t new ideas and cncepts while cntinuing t use and reinfrce previusly learned cncepts and skills. The curse is designed t give students a sund understanding f ecnmics, and the ability t use knwledge, skills and understanding apprpriately in the cntext f individual cuntries and the glbal ecnmy. Qualificatin aims and bjectives The Pearsn Edexcel Internatinal GCSE in Ecnmics qualificatin enables students t: develp an understanding f ecnmic cncepts and apply these cncepts t real-life situatins calculate, interpret and evaluate ecnmic data in rder t make reasned arguments and infrmed judgements develp an awareness f ecnmic change and its impact n develping and develped ecnmies understand ecnmic issues, prblems and pssible slutins that affect mixed ecnmies participate effectively in sciety as citizens, prducers and cnsumers. 2 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

9 Why chse Edexcel qualificatins? Pearsn the wrld s largest educatin cmpany Edexcel academic qualificatins are frm Pearsn, the UK s largest awarding rganisatin. With ver 3.4 millin students studying ur academic and vcatinal qualificatins wrldwide, we ffer internatinally recgnised qualificatins t schls, clleges and emplyers glbally. Pearsn is recgnised as the wrld s largest educatin cmpany, allwing us t drive innvatin and prvide cmprehensive supprt fr Edexcel students t acquire the knwledge and skills they need fr prgressin in study, wrk and life. A heritage yu can trust The backgrund t Pearsn becming the UK s largest awarding rganisatin began in 1836, when a ryal charter gave the University f Lndn its first pwers t cnduct exams and cnfer degrees n its students. With ver 150 years f internatinal educatin experience, Edexcel qualificatins have firm academic fundatins, built n the traditins and rigur assciated with Britain s educatinal system. Results yu can trust Pearsn s leading nline marking technlgy has been shwn t prduce exceptinally reliable results, demnstrating that, at every stage, Edexcel qualificatins maintain the highest standards. Develped t Pearsn s wrld-class qualificatins standards Pearsn s wrld-class standards mean that all Edexcel qualificatins are develped t be rigrus, demanding, inclusive and empwering. We wrk cllabratively with a panel f educatinal thught leaders and assessment experts, t ensure that Edexcel qualificatins are glbally relevant, represent wrld-class best practice and maintain a cnsistent standard. Fr mre infrmatin n the Wrld Class Qualificatin prcess and principles please g t Appendix 4 r visit ur website: uk.pearsn.cm/wrld-class-qualificatins Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

10 Why chse Pearsn Edexcel Internatinal GCSE in Ecnmics? We have listened t feedback frm all parts f the internatinal subject cmmunity. We have made changes that will engage students and prvide pprtunities fr them t gain skills that will supprt prgressin t further study f ecnmics, and t enhance future educatinal r emplyment prspects. The cntent and assessment apprach fr this qualificatin has been designed t meet students needs in the fllwing ways. Tw-paper assessment a new, tw-paper mdel gives students better pprtunities t prepare fr and fcus n different aspects f ecnmics. We will test knwledge, understanding, analytical and evaluatin skills arund tw themes: Paper 1: Micrecnmics and Business Ecnmics and Paper 2: Macrecnmics and the Glbal Ecnmy. Cncepts and cntent the cntent in bth Paper 1: Micrecnmics and Business Ecnmics and Paper 2: Macrecnmics and the Glbal Ecnmy is engaging and accessible fr all students. The cntent is apprpriate and relevant fr prgressin, and is apprpriate fr internatinal students, building understanding and awareness f ecnmic thery and testing cncepts in realistic cntexts. It develps students ability t participate effectively in glbal sciety as citizens, prducers and cnsumers. Clear and straightfrward questin papers ur questin papers are clear and accessible fr students f all ability ranges. Our mark schemes are straightfrward s that the assessment requirements are clear. Brad and deep develpment f skills the design f the revised Internatinal GCSE aims t extend students knwledge by bradening and deepening skills, fr example students will develp the ability t: read surces t interpret and evaluate ecnmic infrmatin write extended respnses respnd apprpriately t a range f questin types, including multiple-chice, shrt-answer, data respnse and pen-ended questins develp an understanding f ecnmic cncepts and apply these cncepts t real-life situatins. Prgressin t A Level Internatinal GCSEs enable successful prgressin t Level 3 qualificatins (such as the Internatinal A Level in Ecnmics) and beynd, in ecnmics and ther subjects. Thrugh ur wrld class qualificatin develpment prcess, we have cnsulted internatinal ecnmics teaching experts t validate this qualificatin, and endrse its cntent, skills develpment and assessment structure. 4 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

11 Supprting yu in planning and implementing this qualificatin Planning Our Getting Started Guide gives yu an verview f the Pearsn Edexcel Internatinal GCSE in Ecnmics t help yu understand the changes t cntent and assessment, and t help yu understand what these changes mean fr yu and yur students. We will prvide yu with a curse planner and schemes f wrk. Our mapping dcuments highlight key differences between the new and legacy qualificatins. Teaching and learning Our skills maps will highlight pprtunities fr students t develp skills that are assessed, as well as skills that are nt directly assessed. Print and digital learning and teaching resurces prmte any time, any place learning t imprve student mtivatin and encurage new ways f wrking. Preparing fr exams We will prvide a range f resurces t help yu prepare yur students fr the assessments, including: specimen papers t supprt frmative assessments and mck exams examiner cmmentaries fllwing each examinatin series. ResultsPlus ResultsPlus prvides the mst detailed analysis available f yur students exam perfrmance. It can help yu identify the tpics and skills where further learning wuld benefit yur students. examwizard A free nline resurce designed t supprt students and teachers with exam preparatin and assessment. Training events In additin t nline training, we hst a series f training events each year fr teachers t deepen their understanding f ur qualificatins. Get help and supprt Our subject advisr service ensures that yu receive help and guidance frm us. Yu can sign up t receive updates at qualificatins.pearsn.cm/en/subjects/ecnmics r 'sign me up' t teachingecnmics@pearsn.cm Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

12 Qualificatin at a glance Paper verview Paper 1: Micrecnmics and Business Ecnmics Externally assessed Availability: January and June First assessment: June 2019 *Paper cde 4EC1/01 50% f the ttal Internatinal GCSE Cntent summary The market system: The ecnmic prblem Ecnmic assumptins Demand, supply and market equilibrium Elasticity The mixed ecnmy Externalities Business ecnmics: Prductin Prductivity and divisin f labur Business csts, revenues and prfit Business cmpetitin The labur market Gvernment interventin Assessment Examinatin f 1 hur 30 minutes, cnsisting f fur cmpulsry questins, each wrth 20 marks. The sub questins are a mixture f multiple-chice, shrt-answer, data respnse and pen-ended questins. 6 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

13 Paper 2: Macrecnmics and the Glbal Ecnmy Externally assessed Availability: January and June First assessment: June 2019 *Paper cde 4EC1/02 50% f the ttal Internatinal GCSE Cntent summary Gvernment and the ecnmy: Macrecnmic bjectives Gvernment plicies Relatinships between bjectives and plicies The glbal ecnmy: Glbalisatin Internatinal trade Exchange rates Assessment Examinatin f 1 hur 30 minutes, cnsisting f fur cmpulsry questins, each wrth 20 marks. The sub questins are a mixture f multiple-chice, shrt-answer, data respnse and pen-ended questins. * See Appendix 1 fr a descriptin f this cde and all the ther cdes relevant t this qualificatin. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

14 8 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

15 2 Ecnmics cntent 1: Micrecnmics and Business Ecnmics 11 2: Macrecnmics and the Glbal Ecnmy 23 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

16 Curse structure The Pearsn Edexcel Internatinal GCSE in Ecnmics cmprises tw examinatins. The Pearsn Edexcel Internatinal GCSE in Ecnmics is a linear qualificatin. All examinatins must be taken in the terminal series at the end f the curse f study. 10 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

17 Paper 1: Micrecnmics and Business Ecnmics Externally assessed Descriptin Yu will start by learning abut basic ecnmic prblems. All resurces are scarce and therefre limited in supply. Cnsumers, firms and gvernments all have t make chices between different prducts and these chices will intrduce yu t the cncept f pprtunity cst. Micrecnmics is the study f individual markets. Yu will learn abut the supply and demand mdel, which will give yu a tlkit t explre hw changes in the ecnmy will affect supply, demand, price and quantity. The mdel will help t explain why prices rise and fall, fr example enabling yu t explain the changes in il, huse, gld and cca prices. Yu will lk at hw much the quantity supplied and demanded will respnd t changes in price r incme, which will help yu t understand why sme price changes see large r small changes in quantity. Having lked at hw markets wrk, yu will lk at hw they smetimes fail. In sme cases we vercnsume as we ignre negative impacts n thers, fr example pllutin. In ther cases we undercnsume as we might undervalue the benefits ur educatin culd bring t thers. Yu will then mve n t studying business ecnmics. Yu will lk at what is needed t prduce gds and services, including land, labur, capital and enterprise. Yu will lk at hw businesses can rganise prductin t imprve the utput per wrker, which we call prductivity. Yu will study business csts, revenues and prfits. Yu will then explre different types f businesses, frm thse that are cmpetitive t single firms that we call mnplies, and als thse industries with several large firms, which we call ligplies. In each case yu will cnsider the advantages f the types f business that exist. Smetimes markets and businesses d nt give the best utcme fr peple and s gvernments have t enter the market. Yu will lk at the alternative ways in which they can affect markets, cnsidering the benefits and drawbacks f each. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

18 Assessment infrmatin Examinatin f 1 hur and 30 minutes, set and marked by Pearsn. Single tier f entry. The ttal number f marks available is 80. The examinatin paper cnsists f fur cmpulsry questins, each wrth 20 marks. The questins are a mixture f multiplechice, shrt-answer, data respnse and pen-ended questins. Each questin will be based n a particular tpic frm the subject cntent related t micrecnmics and business ecnmics. Due t the nature f ecnmics, there is sme interrelatin between tpics. 12 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

19 1.1 The market system Subject cntent The ecnmic prblem Ecnmic assumptins What students need t learn: a) The prblem f scarcity where there are unlimited wants and finite resurces, leading t the need t make chices. b) Opprtunity cst and its effect n ecnmic agents (cnsumers, prducers and gvernment). c) The use f diagrams t shw prductin pssibility curve. d) Prductin pssibility curve diagram shuld be used t shw: the maximum prductive ptential f an ecnmy fully emplyed r unemplyed resurces pprtunity cst psitive r negative ecnmic grwth that shifts the prductin pssibility frntier (PPF) utwards and inwards pssible and unbtainable prductin. e) Pssible causes f psitive r negative ecnmic grwth. a) The underlying assumptins that: cnsumers aim t maximise their benefit businesses aim t maximise their prfit. b) Reasns why cnsumers may nt maximise their benefit: cnsumers are nt always gd at calculating their benefits cnsumers have habits that are hard t give up cnsumers smetimes cpy thers behaviur. c) Reasns why prducers may nt maximise their prfit: prducers may have managers that revenue maximise r sales maximise prducers may priritise caring fr custmers prducers may cmplete charitable wrk. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

20 Subject cntent Demand, supply and market equilibrium What students need t learn: Demand a) Definitin f demand. b) The use f demand curve diagram t shw: changes in price causing mvements alng a demand curve shifts indicating increased and decreased demand. c) Factrs that may cause a shift in the demand curve, including: Supply advertising incme fashin and tastes price f substitute gds price f cmplementary gds demgraphic changes. d) Definitin f supply. e) The use f supply curve diagram t shw: changes in price causing mvements alng a supply curve shifts indicating increased and decreased supply. f) Factrs that may cause a shift in the supply curve, including: csts f prductin changes in technlgy indirect taxes subsidies natural factrs (natural disasters and weather). Market equilibrium g) Equilibrium price and quantity and hw they are determined. h) The use f diagrams t shw: hw shifts in supply and demand affect equilibrium price and quantity in real-wrld situatins excess demand excess supply. i) Define, calculate and draw excess demand and excess supply. j) The use f market frces t remve excess supply r excess demand. 14 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

21 Subject cntent What students need t learn: Elasticity Price elasticity f demand (PED) a) Definitin f PED. b) Frmula f PED. c) Calculate the PED using given percentage changes in quantity demanded and percentage changes in price. d) The use f diagrams t shw price elastic and price inelastic demand. e) Interpret numerical values f PED that shw: perfect price inelasticity price inelasticity unitary price elasticity price elasticity perfect price elasticity. f) The factrs influencing PED, including: substitutes degree f necessity percentage f incme spent n gds r service time. g) Use f ttal revenue calculatins t shw the relatinship between a change in price and the change in ttal revenue, t determine whether demand is price elastic r price inelastic. Price elasticity f supply (PES) h) Definitin f PES. i) Frmula f PES. j) Calculate the PES using given percentage changes in quantity supplied and percentage changes in price. k) The use f diagrams t shw price elastic and price inelastic supply. l) Interpret numerical values f PES that shw: perfect price inelasticity price inelasticity unitary price elasticity price elasticity perfect price elasticity. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

22 Subject cntent What students need t learn: m) The factrs influencing PES, including: factrs f prductin availability f stcks spare capacity time. n) Use examples t shw the likely PES fr manufactured and primary prducts. Incme elasticity f demand ) Definitin f incme elasticity f demand. p) Frmula f incme elasticity f demand. q) Calculate the incme elasticity f demand using given percentage changes in quantity demanded and percentage changes in incme. r) Interpret numerical values f incme elasticity f demand that shw: luxury gds nrmal gds inferir gds. s) The significance f price and incme elasticities f demand t businesses and the gvernment, in terms f: the impsitin f indirect taxes and subsidies changes in incme The mixed ecnmy a) Definitin f mixed ecnmy. b) Definitin f public and private sectr. c) Difference between public and private sectrs in terms f wnership, cntrl and aims. d) Hw the prblems f what t prduce, hw t prduce and fr whm t prduce are slved in the mixed ecnmy. e) Cncept f market failure linked t inefficient allcatin f resurces. f) Why gvernments might need t intervene because f market failure. g) Definitin f public gds nn-excludability, nnrivalry and hw this causes the free rider prblem. h) The rle f the public sectr and private sectrs in the prductin f gds and services. i) The relative imprtance f public sectr and private sectr in different ecnmies. j) Definitin f privatisatin. 16 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

23 Subject cntent What students need t learn: k) Effects f privatisatin n: cnsumers wrkers businesses gvernment Externalities External csts f prductin a) Definitin f external csts. b) Examples f external csts, including pllutin, cngestin and envirnmental damage. External benefits f cnsumptin c) Definitin f external benefits. d) Examples f external benefits, including educatin, healthcare and vaccinatins. e) Definitin and frmula fr: scial csts = private csts + external csts scial benefits = private benefits + external benefits. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

24 1.2 Business ecnmics Subject cntent What students need t learn: Prductin a) The factrs f prductin: land labur capital enterprise. b) Sectrs f the ecnmy: primary secndary tertiary. c) Changes in the imprtance f these sectrs in terms f emplyment and utput ver time in develping and develped ecnmies Prductivity and divisin f labur a) Definitin f prductivity. b) Factrs affecting prductivity: land use f fertiliser, drainage, irrigatin, reclamatin labur quality f labur, including imprved human capital thrugh educatin and training and impact f migratin capital increased quantity and technlgical advances. c) Definitin f divisin f labur. d) Advantages and disadvantages f the divisin f labur t wrkers and businesses. 18 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

25 Subject cntent Business csts, revenues and prfit What students need t learn: a) Definitin and use f frmulae t calculate: ttal revenue ttal csts ttal fixed csts ttal variable csts average (ttal) csts prfit. b) Ecnmies f scale: definitin f ecnmies f scale definitin f internal ecnmies f scale types f internal ecnmies f scale: purchasing (bulk buying) marketing technical financial managerial risk bearing. definitin f external ecnmies f scale types f external ecnmies f scale: skilled labur infrastructure access t suppliers similar businesses in area. c) Disecnmies f scale: definitin f disecnmies f scale types f disecnmies f scale: bureaucracy cmmunicatin prblems lack f cntrl distance between tp management and wrkers at bttm f the rganisatin the use f lng run average cst (LRAC) curve diagram, anntated t shw internal ecnmies f scale and disecnmies f scale and where the business will be mst efficient. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

26 Subject cntent What students need t learn: Business cmpetitin Cmpetitin a) Advantages and disadvantages f cmpetitin t firms, cnsumers and the ecnmy, including: efficiency chice quality innvatin price. b) Advantages and disadvantages f large firms and small firms. c) Factrs influencing the grwth f firms: gvernment regulatin access t finance ecnmies f scale the desire t spread risk the desire t take ver cmpetitrs. d) Reasns firms stay small: Mnply size f market nature f market niche lack f finance aims f the entrepreneur. e) Definitin f mnply. f) Main features f mnply: ne business dminates the market unique prduct price-maker barriers t entry: legal barriers patents marketing budgets technlgy high start-up csts. 20 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

27 Subject cntent What students need t learn: g) Advantages and disadvantages f mnply: Oligply efficiency chice quality innvatin price ecnmies f scale. h) Definitin f ligply. i) Main features f ligply: few firms large firms dminate different prducts barriers t entry cllusin nn-price cmpetitin price cmpetitin. j) Advantages and disadvantages f ligply: chice quality innvatin cllusin and cartels fixing high prices price wars between ligplies The labur market a) Factrs affecting the demand fr labur: demand fr the final prduct (derived demand) availability f substitutes, including machines prductivity f wrkfrce. b) Factrs affecting the supply f labur: ppulatin size migratin age distributin f ppulatin retirement age schl-leaving age female participatin skills and qualificatins ability t mve gegraphic lcatins/mve t different types f emplyment. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

28 Subject cntent What students need t learn: c) Imprtance f the quantity and quality f labur t business. d) Impact f educatin and training n human capital and quality f labur. e) The use f labur market diagrams shwing: supply f labur, demand fr labur, market equilibrium wage and quantity f labur (emplyment) effect f shifts in demand fr labur and supply f labur. f) Trade unin invlvement in the labur market: impact f trade unin activity t imprve wrking cnditins and increase wages Gvernment interventin a) Gvernment plicy t deal with externalities: taxatin subsidies fines regulatin pllutin permits. b) Advantages and disadvantages f each gvernment plicy. c) Gvernment regulatin f cmpetitin t: prmte cmpetitin limit mnply pwer prtect cnsumer interests cntrl mergers and takevers. d) Gvernment interventin in the labur market: reasns fr minimum wage advantages and disadvantages f minimum wage the use f diagrams t shw impact f the intrductin f a minimum wage and the increase f a minimum wage. 22 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

29 Paper 2: Macrecnmics and the Glbal Ecnmy Externally assessed Descriptin In macrecnmics yu will lk at all the markets cmbined in a cuntry. S yu will nw lk at yur wn cuntries and ther cuntries ecnmies. Yu will lk at the different bjectives that gvernments will be cncerned abut. These include trying t achieve: lw inflatin lw unemplyment increases in ecnmic grwth surpluses r equilibrium n the current accunt f the balance f payments redistributin f incme envirnmental prtectin. Fr each bjective, yu will lk at the issues and prblems invlved and hw the gvernment acts t imprve the utcmes. Yu will then lk at the glbal ecnmy. This will invlve lking at the benefits and prblems f increased integratin between ecnmies f the glbe. Yu will lk at internatinal trade and hw cuntries cme tgether as trading partners t bst grwth. Exchange rates will als be lked at t cnsider hw changes can affect an ecnmy. Yu will study bth develping and develped ecnmies. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

30 Assessment infrmatin Examinatin f 1 hur and 30 minutes, set and marked by Pearsn. Single tier f entry. The ttal number f marks available is 80. The examinatin paper cnsists f fur cmpulsry questins, each wrth 20 marks. The questins are a mixture f multiplechice, shrt-answer, data respnse and pen-ended questins. Each questin will be based n a particular tpic frm the subject cntent related t macrecnmics and the glbal ecnmy. Due t the nature f ecnmics, there is sme interrelatin between tpics. 24 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

31 2.1 Gvernment and the ecnmy Subject cntent Macrecnmic bjectives What students need t learn: a) Ecnmic grwth: definitin f ecnmic grwth measurement using increases in grss dmestic prduct (GDP) limitatins f GDP as a measure f grwth the use f diagrams t shw the ecnmic cycle: anntating bm, dwnturn, recessin and recvery the effect f each stage f the ecnmic cycle n ecnmic grwth, inflatin and unemplyment the impact f ecnmic grwth n: emplyment standards f living pverty prductive ptential inflatin the envirnment. b) Lw and stable inflatin: definitin f inflatin definitin f deflatin measurement using cnsumer price index (CPI) types f inflatin: demand pull cst push. relatinship between inflatin and interest rates impact f inflatin n: prices wages exprts unemplyment menu csts she leather csts uncertainty business and cnsumer cnfidence investment. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

32 Subject cntent What students need t learn: c) Lw unemplyment: definitin f unemplyment measurement f unemplyment using Internatinal Labur Organizatin (ILO) measure types f unemplyment: cyclical structural seasnal vluntary frictinal. impact f unemplyment n: utput use f scarce resurces pverty gvernment spending n benefits tax revenue cnsumer cnfidence business cnfidence sciety. d) Surplus r balance n the current accunt f the balance f payments: definitin f current accunt n the balance f payments current accunt deficits and surpluses trade in gds (visibles) and services (invisibles) relatinship between current accunt and exchange rates examples f real-wrld exchange rates reasns fr deficits and surpluses: quality f dmestic gds quality f freign gds price f dmestic gds price f freign gds exchange rates between cuntries. 26 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

33 Subject cntent What students need t learn: impact f current accunt deficit: leakage frm the ecnmy can be inflatinary if prices rise abrad lw demand fr ur exprts prblems finding freign reserves t fund the deficit. e) Prtectin f the envirnment: business activity that damages the envirnment ways businesses damage the envirnment: visual pllutin, including litter nise pllutin air pllutin water pllutin. gvernment interventin t prtect the envirnment: taxatin subsidy regulatin fines pllutin permits gvernment prvisin f parks. f) Redistributin f incme: definitin f incme inequality definitin f abslute pverty definitin f relative pverty reasns t reduce pverty and inequality: meet basic needs raise standards f living ethical reasns. gvernment interventin t reduce inequality and pverty: prgressive taxatin redistributin thrugh benefit payments investment in educatin and healthcare. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

34 Subject cntent What students need t learn: Gvernment plicies a) Fiscal plicy gvernment revenue and gvernment expenditure: definitin f fiscal plicy gvernment revenue direct and indirect taxes gvernment expenditure main areas f fcus fiscal deficits and fiscal surpluses impact f a fiscal deficit and fiscal surplus the impact f fiscal plicy n macrecnmic bjectives. b) Mnetary plicy fcused n interest rate changes: definitin f mnetary plicy definitin f interest rates central banks rle in setting interest rates impact f changes in interest rates n macrecnmic bjectives: c) Supply-side plicy: the mechanism by which a change in interest rates affects cnsumers and businesses awareness f asset purchasing used by central banks. definitin f supply-side plicy supply-side plicy and its impact n prductivity and ttal utput the impact f supply-side plicies n macrecnmic bjectives: privatisatin deregulatin educatin and training plicies t bst regins with high unemplyment infrastructure spending lwer business taxes t stimulate investment lwer incme tax rates t encurage wrking. d) Gvernment cntrls: advantages and disadvantages f: regulatin legislatin fines pllutin permits. 28 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

35 Subject cntent Relatinships between bjectives and plicies What students need t learn: a) The impact f plicies and the trade-ff between macrecnmic bjectives: unemplyment and inflatin ecnmic grwth and inflatin ecnmic grwth and envirnmental prtectin inflatin and the current accunt n balance f payments. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

36 2.2 The glbal ecnmy Subject cntent What students need t learn: Glbalisatin a) Definitin f glbalisatin: increased integratin and interdependence f ecnmies. b) Reasns fr glbalisatin: fewer tariffs and qutas reduced cst f transprt reduced cst f cmmunicatin increased significance f multinatinal crpratins (MNCs). c) Impacts f glbalisatin and glbal cmpanies n individual cuntries, gvernments, prducers and cnsumers, wrkers and the envirnment: rising living standards greater chice lwer prices reduced csts f cmmunicatin clsing f traditinal industries envirnmental impact. d) Definitin f multinatinal crpratins (MNCs): definitin f freign direct investment (FDI) reasns fr emergence f MNCs/FDI: t benefit frm ecnmies f scale t access natural resurces/cheap materials lwer transprt and cmmunicatin csts t access custmers in different regins. advantages and disadvantages f MNCs/ FDI: creating jbs investing in infrastructure develping skills develping capital cntributing t taxes aviding paying taxes envirnmental damage mving prfits abrad. 30 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

37 Subject cntent What students need t learn: Internatinal trade a) Advantages and disadvantages f free trade, including: lwer prices and increased chice fr cnsumers lwer input csts wider markets fr businesses freign cmpetitin harming dmestic businesses increasing unemplyment. b) Reasns fr prtectin: prevent dumping prtect emplyment prtecting infant industries t gain tariff revenue prtect cnsumers frm unsafe prducts reducing current accunt deficits retaliatin. c) Methds f prtectin: tariffs qutas subsidies advantages and disadvantages f each methd f prtectin supply and demand diagrams t shw tariffs, qutas and subsidies. d) Mdern trading blcs: impact f trading blcs n member and nnmember cuntries examples f trading blcs. e) Rle f the Wrld Trade Organizatin (WTO): actins by the WTO. f) Trade patterns f develped and develping cuntries. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

38 Subject cntent What students need t learn: Exchange rates a) Definitin f exchange rates. b) Factrs affecting supply and demand f currencies: interest rates currency speculatrs imprts and exprts f gds and services supply and demand diagrams t shw determinatin f exchange rates. c) Definitin f appreciatin: definitin f revaluatin impact f appreciatin f exchange rate n: imprt and exprt prices demand fr imprts and exprts current accunt n balance f payments. d) Definitin f depreciatin: definitin f devaluatin impact f depreciatin f exchange rate n: imprt and exprt prices demand fr imprts and exprts current accunt n balance f payments. 32 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

39 3 Assessment infrmatin Assessment requirements Paper number and unit title Paper 1: Micrecnmics and Business Ecnmics Paper 2: Macrecnmics and the Glbal Ecnmy Level Assessment infrmatin Number f raw marks allcated in the paper 1/2 Examinatin f 1 hur 30 minutes set and marked by Pearsn. The paper is weighted at 50% f the qualificatin. Single tier f entry. Students may use a calculatr. 1/2 Examinatin f 1 hur 30 minutes set and marked by Pearsn. The paper is weighted at 50% f the qualificatin. Single tier f entry. Students may use a calculatr Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

40 Assessment bjectives and weightings AO1 AO2 AO3 AO4 Recall, select and cmmunicate knwledge f ecnmic terms, cncepts and issues Demnstrate understanding and apply ecnmic knwledge using apprpriate terms, cncepts, theries and calculatins effectively in specific cntexts Select, rganise and interpret infrmatin frm surces t investigate and analyse ecnmic issues Evaluate ecnmic infrmatin t make reasned judgements and draw cnclusins % in Internatinal GCSE Relatinship f assessment bjectives t units Unit number Assessment bjective AO1 AO2 AO3 AO4 Paper 1 7.5% 24.4% 11.8% 6.3% Paper 2 7.5% 24.4% 11.8% 6.3% Ttal fr Internatinal GCSE 14 15% 48 49% 23 24% 12 13% All cmpnents will be available fr assessment frm June Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

41 4 Administratin and general infrmatin Entries Details f hw t enter students fr the examinatins fr this qualificatin can be fund in ur Internatinal Infrmatin Manual. A cpy is made available t all examinatins fficers and is available n ur website. Students shuld be advised that if they take tw qualificatins in the same subject, clleges, universities and emplyers are very likely t take the view that they have achieved nly ne f the tw GCSEs/Internatinal GCSEs. Students r their advisers wh have any dubts abut subject cmbinatins shuld check with the institutin t which they wish t prgress befre embarking n their prgrammes. Access arrangements, reasnable adjustments, special cnsideratin and malpractice Equality and fairness are central t ur wrk. Our equality plicy requires all students t have equal pprtunity t access ur qualificatins and assessments, and ur qualificatins t be awarded in a way that is fair t every student. We are cmmitted t making sure that: students with a prtected characteristic (as defined by the UK Equality Act 2010) are nt, when they are undertaking ne f ur qualificatins, disadvantaged in cmparisn t students wh d nt share that characteristic all students achieve the recgnitin they deserve fr undertaking a qualificatin and that this achievement can be cmpared fairly t the achievement f their peers. Language f assessment Assessment f this qualificatin will nly be available in English. All student wrk must be in English. We recmmend that students are able t read and write in English at level B2 f the Cmmn Eurpean Framewrk f Reference fr Languages (CEFR). Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

42 Access arrangements Access arrangements are agreed befre an assessment. They allw students with special educatinal needs, disabilities r temprary injuries t: access the assessment shw what they knw and can d withut changing the demands f the assessment. The intentin behind an access arrangement is t meet the particular needs f an individual student with a disability withut affecting the integrity f the assessment. Access arrangements are the principal way in which awarding bdies cmply with the duty under the Equality Act 2010 t make reasnable adjustments. Access arrangements shuld always be prcessed at the start f the curse. Students will then knw what is available and have the access arrangement(s) in place fr assessment. Reasnable adjustments The Equality Act 2010 requires an awarding rganisatin t make reasnable adjustments where a student with a disability wuld be at a substantial disadvantage in undertaking an assessment. The awarding rganisatin is required t take reasnable steps t vercme that disadvantage. A reasnable adjustment fr a particular student may be unique t that individual and therefre might nt be in the list f available access arrangements. Whether an adjustment will be cnsidered reasnable will depend n a number f factrs, including: the needs f the student with the disability the effectiveness f the adjustment the cst f the adjustment; and the likely impact f the adjustment n the student with the disability and ther students. An adjustment will nt be apprved if it invlves unreasnable csts t the awarding rganisatin, timeframes r affects the security r integrity f the assessment. This is because the adjustment is nt reasnable. Special cnsideratin Special cnsideratin is a pst-examinatin adjustment t a student's mark r grade t reflect temprary injury, illness r ther indispsitin at the time f the examinatin/ assessment, which has had, r is reasnably likely t have had, a material effect n a candidate s ability t take an assessment r demnstrate his r her level f attainment in an assessment. Further infrmatin Please see ur website fr further infrmatin abut hw t apply fr access arrangements and special cnsideratin. Fr further infrmatin abut access arrangements, reasnable adjustments and special cnsideratin please refer t the JCQ website: 36 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

43 Malpractice Candidate malpractice Candidate malpractice refers t any act by a candidate that cmprmises r seeks t cmprmise the prcess f assessment r which undermines the integrity f the qualificatins r the validity f results/certificates. Candidate malpractice in examinatins must be reprted t Pearsn using a JCQ Frm M1 (available at The frm can be ed t pqsmalpractice@pearsn.cm r psted t: Investigatins Team, Pearsn, 190 High Hlbrn, Lndn, WC1V 7BH. Please prvide as much infrmatin and supprting dcumentatin as pssible. Nte that the final decisin regarding apprpriate sanctins lies with Pearsn. Failure t reprt malpractice cnstitutes staff r centre malpractice. Staff/centre malpractice Staff and centre malpractice includes bth deliberate malpractice and maladministratin f ur qualificatins. As with candidate malpractice, staff and centre malpractice is any act that cmprmises r seeks t cmprmise the prcess f assessment r which undermines the integrity f the qualificatins r the validity f results/certificates. All cases f suspected staff malpractice and maladministratin must be reprted immediately, befre any investigatin is undertaken by the centre, t Pearsn n a JCQ Frm M2(a) (available at The frm, supprting dcumentatin and as much infrmatin as pssible can be ed t pqsmalpractice@pearsn.cm r psted t: Investigatins Team, Pearsn, 190 High Hlbrn, Lndn, WC1V 7BH. Nte that the final decisin regarding apprpriate sanctins lies with Pearsn. Failure t reprt malpractice itself cnstitutes malpractice. Mre-detailed guidance n malpractice can be fund in the latest versin f the dcument JCQ General and vcatinal qualificatins Suspected Malpractice in Examinatins and Assessments, available at Awarding and reprting The Internatinal GCSE qualificatin will be graded and certificated n a nine-grade scale frm 9 t 1 using the ttal subject mark where 9 is the highest grade. Individual cmpnents are nt graded. The first certificatin pprtunity fr the Pearsn Edexcel Internatinal GCSE in Ecnmics will be in Students whse level f achievement is belw the minimum judged by Pearsn t be f sufficient standard t be recrded n a certificate will receive an unclassified U result. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

44 Student recruitment and prgressin Pearsn s plicy cncerning recruitment t ur qualificatins is that: they must be available t anyne wh is capable f reaching the required standard they must be free frm barriers that restrict access and prgressin equal pprtunities exist fr all students. Prir learning and ther requirements There are n prir learning r ther requirements fr this qualificatin. Prgressin Students can prgress frm this qualificatin t: Internatinal AS and A Levels in Ecnmics and ther subjects vcatinal qualificatins, such as BTEC Natinals. 38 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

45 Appendices Appendix 1: Cdes 41 Appendix 2: Cmmand wrd taxnmy 43 Appendix 3: Quantitative skills 45 Appendix 4: Pearsn Wrld Class Qualificatin design principles 47 Appendix 5: Transferable skills 49 Appendix 6: Glssary 51 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

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47 Appendix 1: Cdes Type f cde Use f cde Cde Subject cdes Paper cdes The subject cde is used by centres t cash in the entry fr a qualificatin. These cdes are prvided fr infrmatin. Students may need t be entered fr individual papers. Internatinal GCSE 4EC1 Paper 1: 4EC1/01 Paper 2: 4EC1/02 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

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49 Appendix 2: Cmmand wrd taxnmy Cmmand wrd taxnmy The table belw lists the cmmand wrds that may be used in questin papers fr the Edexcel Internatinal GCSE in Ecnmics and an utline f what each type f questin requires students t d. Cmmand wrd (Multiple-chice questin) Define State What is meant by Calculate Draw Explain Analyse Assess Evaluate This type f questin will require students t: Select ne r mre crrect answer frm a chice f answers. These questins test recall f knwledge frm the specificatin cntent r require a calculatin t reach the crrect answer. Define a term frm the specificatin cntent. Give an answer, n lnger than a sentence, referring t a piece f infrmatin frm the specificatin cntent. Define the term x where x is a term frm the specificatin cntent. There must be tw separate parts t the definitin. Use mathematical skills t reach the answer, based n given data. Calculatrs may be used and wrkings shuld be given. Draw a diagram cntaining tw/three separate awardable pints. Give a statement f fact, with tw further expansin pints. These may expand n each ther, r bth frm the same fact. The answer will be placed in cntext by the questin. Write an extended answer, requiring the expansin and explratin f an ecnmic cncept r issue. The answer will be placed in cntext by the questin. Write an extended answer, using given infrmatin t weigh up factrs and cmpare them in an ecnmics cntext. Write an extended answer, applying knwledge f specificatin cntent, t reach a supprted cnclusin abut an ecnmic situatin. Examples f hw these cmmand wrds are used in Paper 1 and Paper 2 can be fund in the Pearsn Edexcel Internatinal GCSE in Ecnmics Sample Assessment Materials fr this qualificatin. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

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51 Appendix 3: Quantitative skills The list belw states the range and extent f mathematical skills that students are required t knw fr this qualificatin. Students must be able t draw n the knwledge and understanding learned frm the subject cntent t apply these skills t relevant ecnmics cntexts. The level f mathematics cntent in the questin papers will be equivalent t upper secndary mathematics. Calculatins Calculatin f percentages and percentage changes, including interest n savings. Calculatin f averages, including cst. Calculatin f ttals, including revenue, csts and prfit. Calculatin f incme, including grss and net pay. Cnstructin f graphs Cnstructin f graphs frm data, including supply and demand curves. Interpretatin and use f quantitative data t supprt and justify ecnmic decisins Interpretatin and use f infrmatin frm graphs and charts. Interpretatin and use f ecnmic data, such as unemplyment figures, exprts and imprts. These quantitative skills will be assessed in bth Paper 1 and Paper 2, ttalling 10% f the marks available fr the qualificatin. Questins invlving quantitative skills will always be in a business cntext. These skills will be sampled in the questin papers but all will be cvered ver the lifetime f the qualificatin. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

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53 Appendix 4: Pearsn Wrld Class Qualificatin design principles Pearsn s Wrld Class Qualificatin design principles mean that all Edexcel qualificatins are develped t be rigrus, demanding, inclusive and empwering. We wrk cllabratively t gain apprval frm an external panel f educatinal thught leaders and assessment experts frm acrss the glbe. This is t ensure that Edexcel qualificatins are glbally relevant, represent wrld-class best practice in qualificatin and assessment design, maintain a cnsistent standard and supprt learner prgressin in tday s fast changing wrld. Pearsn s Expert Panel fr Wrld-class Qualificatins is chaired by Sir Michael Barber, a leading authrity n educatin systems and refrm. He is jined by a wide range f key influencers with expertise in educatin and emplyability. I m excited t be in a psitin t wrk with the glbal leaders in curriculum and assessment t take a fresh lk at what yung peple need t knw and be able t d in the 21st century, and t cnsider hw we can give them the pprtunity t access that srt f educatin. Sir Michael Barber. Endrsement frm Pearsn s Expert Panel fr Wrld-class Qualificatins fr Internatinal GCSE develpment prcesses We were chsen, either because f ur expertise in the UK educatin system r because f ur experience in refrming qualificatins in ther systems arund the wrld as diverse as Singapre, Hng Kng, Australia and a number f cuntries acrss Eurpe. Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited

54 We have guided Pearsn thrugh what we judge t be a rigrus wrld-class qualificatin develpment prcess that has included: extensive internatinal cmparability f subject cntent against the highest-perfrming jurisdictins in the wrld benchmarking assessments against UK and verseas prviders t ensure that they are at the right level f demand establishing External Subject Advisry Grups, drawing n independent subject-specific expertise t challenge and validate ur qualificatins. Imprtantly, we have wrked t ensure that the cntent and learning is future riented, and that the design has been guided by Pearsn s Efficacy Framewrk. This is a structured, evidence-based prcess which means that learner utcmes have been at the heart f this develpment thrughut. We understand that ultimately it is excellent teaching that is the key factr t a learner s success in educatin but as a result f ur wrk as a panel we are cnfident that we have supprted the develpment f Edexcel Internatinal GCSE qualificatins that are utstanding fr their cherence, thrughness and attentin t detail and can be regarded as representing wrld-class best practice. Sir Michael Barber (Chair) Chief Educatin AdvisrPearsn plc Dr Peter Hill Frmer Chief Executive ACARA Prfessr Jnathan Osbrne Stanfrd University Prfessr Dr Ursula Renld Federal Institute f Technlgy, Switzerland Prfessr Janice Kay Prvst, University f Exeter Prfessr Sing Kng Lee Prfessr, Natinal Institute f Educatin in Singapre Bahram Bekhradnia President, Higher Educatin Plicy Institute Dame Sally Cates Directr f Academies (Suth), United Learning Trust Prfessr Bb Schwartz Harvard Graduate Schl f Educatin Jane Beine Head f Partner Develpment, Jhn Lewis Partnership Jasn Hlt CEO, Hlts Grup 48 Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited 2016

55 Appendix 5: Transferable skills The need fr transferable skills In recent years, higher educatin institutins and emplyers have cnsistently flagged the need fr students t develp a range f transferable skills t enable them t respnd with cnfidence t the demands f undergraduate study and the wrld f wrk. The Organisatin fr Ecnmic C-peratin and Develpment (OECD) defines skills, r cmpetencies, as the bundle f knwledge, attributes and capacities that can be learned and that enable individuals t successfully and cnsistently perfrm an activity r task and can be built upn and extended thrugh learning. [1] T supprt the design f ur qualificatins, the Pearsn Research Team selected and evaluated seven glbal 21st-century skills framewrks. Fllwing n frm this prcess, we identified the Natinal Research Cuncil s (NRC) framewrk [2] as the mst evidence-based and rbust skills framewrk, and have used this as a basis fr ur adapted skills framewrk. The framewrk includes cgnitive, intrapersnal skills and interpersnal skills. The skills have been interpreted fr this specificatin t ensure they are apprpriate fr the subject. All f the skills listed are evident r accessible in the teaching, learning and/r assessment f the qualificatin. Sme skills are directly assessed. Pearsn materials will supprt yu in identifying these skills and develping these skills in students. The table verleaf sets ut the framewrk and gives an indicatin f the skills that can be fund in Ecnmics and indicates the interpretatin f the skill in this area. A full subject interpretatin f each skill, with mapping t shw pprtunities fr students develpment is prvided n the subject pages f ur website: qualificatins.pearsn.cm 1 OECD Better Skills, Better Jbs, Better Lives: A Strategic Apprach t Skills Plicies (OECD Publishing, 2012) 2 Kenig J A Assessing 21st Century Skills: Summary f a Wrkshp (Natinal Research Cuncil, 2011) Pearsn Edexcel Internatinal GCSE in Ecnmics Specificatin Issue 1 Nvember 2016 Pearsn Educatin Limited